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Coverdor: An insurtech providing digital insurance experience targeted at millennial and emerging generation

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Seun Ayegbusi is the Founder and CEO at Coverdor, a Lagos based and Nigeria’s first fully digital insurance platform, providing insurance when you need it the most, entirely online. Seun and his team believe insurance is not just a fancy product, but A FUNDAMENTAL HUMAN RIGHT everyone deserves, especially in Nigeria and Africa where the level of risks and uncertainties we face is really high.  In this interview with  Alaba Ayinuola  of Business Africa Online, Seun shed more light on his brand tend to simplify the insurance experience and create easy accessibility to social benefiting insurance products in every emerging market they serve. Excerpt.

 

 

Alaba: Kindly tell us about Coverdor and the gap it’s filling.

Seun: Coverdor is an AI-powered digital insurance distribution platform focused on insurance coverage for everyday items like smartphone, laptops etc against mechanical, liquid, accidental damages and theft. Coverdor also enables service providers (retail stores and ecommerce websites) cross-sell add-on gadget insurance on every consumer gadgets sold at their online or offline point of sale.

We discovered that although insurance was created for the fundamental good of society in indemnifying against risks and uncertainties, however the industry lacks the technology and innovation to connect to the retail market segment (the millennial demographic) who are more risk-prone and expects to interact with insurers and insurance products the exact way they interact with any online business who offers them convenience when shopping online.

Hence, Coverdor is filling the gap of complex, paper-based, delayed and manual processes experienced in the conventional insurance system to deliver a completely digital insurance experience for the average upward-mobile millennial offering innovative insurance products that fit their lifestyle.

 

Alaba: What was your startup capital and how were you able to raise it?

Seun: Our startup capital was in excess of $20,000 and was sourced through savings committed from founders and funds raised from family and friends.

 

Alaba: What are the challenges, competition and how are you overcoming them?

Seun: Talking about challenges we encountered while innovating within the insurance industry can’t be over stretched, one of which is compliance with NAICOM’s regulation, which I must say is the biggest challenge we have faced however, working closely with our partner insurance company has helped us and is constantly helping us to navigate this issue.

 

Alaba: How is your startup different from other financial startups?

Seun: Coverdor is a lot different from any other fintech startup as the category of financial services sector we operate in differs from the categories other fintech startups operate within, especially within the payment, lending, asset management categories. However, Coverdor on the other hand is an insurance technology startup focused on insurance digitization, direct-to-customer  distribution and cross-selling distribution. We also differ from other insurtech categories that focus on insurance price comparison.

 

Alaba: What’s the future for your startup and what steps are you taking in achieving them?

Seun: The future of Coverdor is to become a full fledged digital insurance company, providing new and innovative insurance products that fits the lifestyle and meet the needs of Nigerian millennials. Also in the next 2-3 years we plan to launch a dedicated technology arm of Coverdor that will focus on core insurance solutions using emerging technologies to redefine core operational areas of insurance business, while advancing the digital transformation of the insurance industry in Nigeria.

 

Alaba: How can governments provide the best support for startups in Africa?

Seun: The government can do a lot in supporting startups in Africa, however, top on the list will be creating enabling policies to foster growth for startup across all sectors of the economy.

 

Alaba: What’s your view on the development of Africa InsurTech ecosystem?

Seun: The insurtech ecosystem in Africa is beginning to gain momentum as we witnessing different startups innovating across different points of the insurance value chain, however, to speed up the development, ecosystem players must become deliberate and intentional about fast-tracking development. Incumbent Insurers should set up digital transformation units that will foster partnerships with insurtechs looking to innovate alongside incumbent insurers. Furthermore, we need insurtech-focused accelerators to bolster insurtech startup growth, when these things are done, then the African Insurtech ecosystem will experience similar growth as seen in the US, Europe and Asia.

 

Also Read SMEs: Legal Tips For Office Space Acquisition | Morenike Okebu

 

Alaba: How do you feel as an African entrepreneur?

Seun: I feel proud to be an African entrepreneur, being part of the people bringing solutions to the many problems Africans are facing in Africa. Also being able to team up with other entrepreneurs to create jobs and contribute to the economy is a great way to live one’s life.

 

Alaba: What advice would you give prospecting entrepreneurs who intend to start a business or invest in Africa.

Seun: I will like to tell them that “nothing moves until you move”. There is never a better time to push yourself and kickstart that idea or pet project of yours, work hard to turn it into a great product or service. Three things I think will pull you through are “passion” for what you do or build, “tenacity” to see it succeed and “hope” that you will succeed as well.

 

Alaba: How do you and partners relax and what books do you read?

Seun: All work and no play makes Seun a dull boy, however when I need to relax I hang out with my family, family happy hour does it for me. Then as for books, I read lots of business and personal development books. Top on my list is “My Vision: challenges in the race for excellence” by Mohammed bin Rashid Al Maktoum.

 

Alaba: Please teach us one word in your home language and your favorite local dish?

Seun: Has a Yoruba man, I will like to teach you a Yoruba word that says “elubo” translated in English as yam flour.

My favourite local dish as a proud Ondo man is “iyan and efo elegusi with eja kika” translated as pounded yam with melon and vegetable soup with stock fish.

 

Short Bio:

Seun Ayegbusi is a Nigerian-born tech entrepreneur, business development and digital product development expert, and a serial innovator with extensive knowledge of the African emerging markets. A graduate of Olabisi Onabanjo University, and an alumnus of London Academy Business School. With over six years of experience in the private sector and the tech startup scene and a passion to tackle one of Africa’s most stubborn social development issues birthed the startup – Coverdor.

 

Visit Coverdor today!

Afripreneur

CliniDo: Your Personalized Healthcare Companion

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CliniDo Mina Shawky CEO and Hitham Essam CTO, at GITEX Africa

CliniDo, a MENA leading health tech innovator, With CliniDo’s revolutionary voice search functionality, connecting with a healthcare provider takes mere seconds. CliniDo transcends the limitations of a typical healthcare app. They envision themselves as your trusted healthcare companion, offering unwavering support throughout your health journey. Whether you’re experiencing a new symptom or managing a chronic condition, CliniDo provides personalized and exceptional customer-focused solutions.

Founded in January 2020 in Assiut Egypt, by Wael Soliman, Mina Shawky, and Hitham Essam, CliniDo aims to be the ultimate healthcare companion, providing top-notch medical services in Egypt and the MENA.

Your Voice Heard: Instant Connection Through Voice Search

Imagine needing medical attention and simply voicing your needs. With CliniDo’s revolutionary voice search functionality, connecting with a healthcare provider takes mere seconds. Forget complex menus or frustrating typing – just speak your needs, and CliniDo will connect you to the right healthcare provider. This innovative approach showcased at GITEX exemplifies CliniDo’s commitment to streamlining healthcare access.

Guiding You from Symptoms to Solutions: AI-Powered Support

CliniDo takes the guesswork out of your healthcare journey. Simply describe your symptoms to their AI-powered system, and it will recommend the most appropriate medical specialty for your needs. This ensures you receive the right care, right away – a testament to CliniDo’s commitment to efficiency and patient well-being, a theme that pervaded GITEX discussions.

Personalized Content Tailored to Your Needs

CliniDo doesn’t stop at connecting you with healthcare providers. Recognizing that knowledge empowers, they provide customized medical and educational content that aligns with your specific condition. This empowers you to make informed decisions about your healthcare journey.

A Complete Healthcare Ecosystem at Your Fingertips

CliniDo offers a comprehensive suite of healthcare services, all conveniently accessible through their platform. Here’s a glimpse into what attendees at GITEX found particularly exciting about CliniDo’s offerings:

  • Book appointments with doctors: Find the right doctor for your needs and schedule appointments in seconds.
  • Book clinic consultations: Schedule in-person consultations with your chosen healthcare provider.
  • Book home visits: Get the care you need from doctors or nurses from the comfort of your own home.
  • Book lab tests from home: No need to go to a lab. Order your tests and have them collected from your home.
  • Request Medication: Easily request your medication.
  • New! Book medical services: This exciting new Product allows you to directly book any medical service you require, streamlining the process and saving you valuable time.
  • Next: Bookings and Payment Solutions: CliniDo’s commitment to continuous innovation is clear. you will soon be able to book surgeries and procedures directly through CliniDo, with a convenient installment payment solution built into the platform.

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Making a Measurable Impact

CliniDo’s dedication to patient care is reflected in their impressive achievements. They’ve proudly served over half a million patients, connected them with more than 11,000 doctors and healthcare providers, and facilitated over two million dollars in healthcare transactions. These numbers represent countless individuals who have received the care they need, thanks to CliniDo’s innovative platform.

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Afripreneur

Rhea, a women-led Kenyan startup is cultivating change in AgriTech

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Rhea CEO and Co-Founder, Priscilla Wakarera (Image: Supplied).

Rhea is a dynamic agritech start-up that is revolutionizing soil health management with innovative IoT sensors, empowering smallholder farmers to practice precision agriculture for sustainable and profitable crop cultivation.

GITEX Africa 2024, was held in Marrakech, Morocco from May 29th to 31st, 2024. The event was an incredible platform for tech enthusiasts, startups, and industry leaders to converge, showcasing the dynamic growth and potential of Africa’s tech ecosystem.

Participating at GITEX AFRICA allowed Rhea to make meaningful connections with service providers who will be instrumental for our growth. The showcases by established market players were a source of invaluable learning and inspiration as we continue to build our vision.

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Additionally, engaging in insightful conversations with ecosystem drivers has opened new avenues for collaboration and support. Rhea is looking forward to the days and months ahead, the organization is excited to foster collaborations with the connections that were made during GITEX Africa 2024.

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Tapiwa Guzha: making African-inspired ice cream with local flavors

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Tapiwa Guzha is a South African entrepreneur and founder of the Tapi Tapi ice cream brand. This amazing journey all began in July 2018 which already feels like a lifetime ago. What began as a self imposed dare by Tapiwa to share a passion for ice cream, any sort of ice cream, has evolved into an amazing storytelling vehicle. A unique way to share African folklore, rituals and cultural practices through frozen morsels and crunchy cones. A way to celebrate our diversity and embrace our differences while also realising we’re far more similar than we are different. Very creative, Tapiwa stands out for his ice creams with new flavors. Dried fish, hibiscus, Mphepho, toffee, chilli, dried blackjack leaves with caramel. Flavours that are simply unprecedented.

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In February 2020, Guzha launched Tapi Tapi, and the shop quickly became a success. Tapi Tapi is a Shona expression that means “yum yum”. Tapi Tapi began as a direct-delivery service that dropped off ice creams all around the Western Cape. While also orchestrating pop-up tasting experiences where people could engage with the diverse food and food practices from all over the continent. It is a one-of-a-kind shop that showcases the flavors of Africa. Tapi Tapi’s ice creams are tasty, bold, and unique, and they’re a great way to experience African cuisine.

This Zimbabwean molecular biologist, PhD in biotechnology at the University of Cape Town, passionate about cooking and entrepreneur, he makes African-inspired ice cream with local African flavors after experimenting with dry ice (dry ice making process). Tapiwa began experimenting with dry ice, a form of solid carbon dioxide that sublimates into carbon dioxide when exposed to heat. This allowed him to create ice cream faster, smoother and tastier. 

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